BATTERED platinum miner Lonmin said it was on the way back yesterday as shareholders supported a £512million cash call to slash its debt.

The Lonmin mine near Rustenburg, South Africa was bambarded with protests []

Lonmin said more than 91 per cent of shareholders voted for its rights issue as it seeks to recover from low prices, rising costs and a restive labour force: the recent strikes at its South African mines cost 46 lives.

It hopes to avoid breaking agreements with its lenders who are seeking around £440million by December.

"This company is coming back," said chairman Roger Phillimore, "but it is not easy. This was a perfect storm and in some respects we were less than able to deal with it in a perfect fashion. But we dealt with it quickly, resolutely and effectively."

Its shares rose 43¾p to 515p.

Biggest shareholder Xstrata, which gave its support to the rights issue only last week, is expected to keep up its call for a change in Lonmin's management and company strategy. Lonmin said it will listen to all shareholder requests.

Lonmin's shares rose 43¾p to 515p

Analysts said the rights issue was positive for the group but will do little for its "long-term competitive position".